Congrats on your new home! There is nothing like moving into a new house – it’s a great opportunity to meet new people, make memories and make the space yours. It’s also the perfect time to downsize or reorganize your belongings.
With that being said, moving can also be taxing. The packing, signing paperwork and making sure everything is in order; and you have to manage your home insurance.
The good news is, R.C. Keller & Company can help. Our licensed agents can walk you through the home insurance process when you move.
We would like to share the answers to your home insurance questions, so you can move with confidence.
Home Insurance When You Move
Picture this: you own a beautiful home in Schaumburg, Illinois. You love your home, but you were just offered a job promotion in another area and it’s too good of an opportunity to pass up, so you decide to sell your home.
In all the excitement, you forget about your home insurance. What should you do?
First thing is to call your insurance agent and your agent will most likely ask you some of the following questions:
- Is your home your current primary residence? If your home is not your current primary residence, it will change how your policy is written or transferred.
- Are you living in your home until it sells? If your house is going to be vacant while you are trying to sell it, you may need to rewrite your policy to a vacant unoccupied policy.
- Is your home going to be vacant until it sells? This again changes your policy based on if you are in your house while it sells.
- Are you renting your home before it sells? If you aren’t living in your home and you are renting it out to someone else, the policy will look different than if you are living in it.
On the chance you are staying at your home until it sells, you will need to either cancel your homeowner’s insurance policy; your R.C. Keller & Company insurance agent can help on how to write your policy correctly while going through the sale.
If you are not going to be staying in your home as the primary occupant, please let your agent know so your policy can be rewritten. For example, if you are renting your home, you will need a landlord’s policy.
When should I tell my insurance agent I’m moving?
You should give your agent a call when you have decided to move; but at least 30 days in advance.
Why should I tell my agent early?
Your agent needs to know you are moving as soon as possible so there won’t be a lapse in coverage. If you don’t change the coverage soon enough, you can be left unprotected.
Plus, your agent will be able to help you get a new policy. Your new home will need different coverage and your agent can write a policy that fits those needs of your new home.
By what time should I have coverage for my new house?
Most of the time, your mortgage lender will let you know when you need coverage. You will most likely need insurance for your new house prior to your old house’s closing.
If you don’t have a mortgage lender, you will need coverage before you have purchased the home, signed the papers and legally registered the house as yours.
Will my personal belongings be covered if they’re not in my home?
If you put your items into storage when you move out, your homeowners’ policy will extend a percentage of your home’s coverage to that storage unit. Once your home sell, you won’t have coverage for your home. So, you won’t have personal property coverage for the storage unit. Give your R.C. Keller & Company agent a call to discuss the limits of your policy.
What if I’m moving into an apartment instead of a house?
You will need a renters’ insurance policy if you are moving into an apartment. When you talk to your agent at R.C. Keller & Company, they will ask if you have your belongings in storage and if your belongings are expensive, they may suggest increasing your personal property to extend enough coverage on your renters’ policy.
If You’re Not Living In Your Home While It Sells
Why do I need a different policy for my home if it is vacant or being rented?
Your primary homeowners’ policy covers your home when you are living in your home. If your home is unoccupied or vacant, your home is not covered because your policy depends on you being the primary occupant of your home.
Your premium may also change. Premiums change based on your risk – if your house is vacant, there is higher risk involved, because no one is around to take care of any issues.
Let’s say your water main breaks and floods your home for example. You file a claim with your insurance carrier to cover the damage. If the insurance carrier finds your home vacant, and you have listed as your primary residence, the insurance carrier may deny the claim.
Give your agent at R.C. Keller & Company a call to understand the various risks and different policies can help protect you in the case of an accident or claim.
What happens when I tell my agent my home will be vacant?
Your current homeowners insurance policy is written as your primary residence. Since you will not be living in the home anymore, your home is no longer your primary residence; so your agent will have to rewrite your policy to vacant unoccupied.
Rewriting your policy will depend on your insurance carrier and how long your home will stay vacant. Some insurance carriers will allow you to keep your current policy if the house is vacant for a “short” time, although the definition of “short” varies by carrier.
Other insurance carriers don’t even cover vacant homes, so you may have to choose a different carrier. If you don’t have a closing date or buyer yet, your agent will likely advise you to rewrite your policy.
Once you find a new policy that covers vacant homes, your agent might recommend that you switch to monthly billing in case your home sells soon. Check with your R.C. Keller & Company insurance agent to see how your current carrier deals with vacant homes.
If You Are Moving To A Different State
What happens if I’m moving to a different state?
First you should check with your agent to see if R.C. Keller & Company serves the state you are moving to. Currently, R.C. Keller & Company is licensed to write insurance policies in Illinois, Arizona, California, Indiana, Michigan, South Carolina, Tennessee and Wisconsin.
Let’s say you are moving to Ohio, R.C. Keller & Company won’t be able to write a policy for that state, but your insurance carrier may still be able to cover you. (You will just need to find a new agent.)
Why can’t I keep my agent?
While we would love to keep serving you, R.C. Keller & Company is not licensed to write policies in all states. Whether you have your same agent and carrier, or just the same carrier, you most likely will have to rewrite your policy. Every state has different rules and your policy will have to comply with the state laws.
I went on vacation in a different state and I was still covered. Why can’t I just keep the same policy if I move to a new state?
Your homeowners’ insurance policy depends on where you permanently live. Even if you go on vacation in a different state, you will return to your primary residence. If you permanently reside in a new state, you will need a new policy that complies with all state laws and regulations. That way, you are fully protected per the limits of your policy.
R.C. Keller & Company Will Help Ease The Process
No matter what your circumstances are, we at R.C. Keller & Company want to help you find the answers you need. Your move is already complicated – we want to make your insurance as easy as possible.